The bi-monthly policy, to be finalised by the six-member Monetary Policy Committee (MPC), assumes significance as it would be announced just a week before the commencement of the seven phase general elections beginning April 11.

The statement comes amid reports that the RBI seems to be toeing the government line and considering relaxation of some of the aspects of the Revised Framework on Resolution of Stressed Assets issued on February 12, 2018.

Inflation based on wholesale prices inched up to 2.93 percent in February over the previous month on account of firming up of prices of food items, including vegetables and cereals, according to government data released on Thursday.

The meeting, attended by heads of Punjab National Bank, Bank of Baroda, Bank of India, Bank of India, ICICI Bank, Kotak Mahindra Bank and IDFC First Bank, focused only on effective transmission of monetary policy.